Residential Renewable Energy Tax Credit

Posted on Aug 16, 2014

Residential Renewable Energy Tax Credit

Have you made energy-efficient upgrades to your home? Your home may be eligible for a renewable energy tax credit.

State: FederalIncentive Type: Personal Tax CreditEligible Renewable/Other Technologies: Solar Water Heat, Photovoltaics, Wind, Fuel Cells, Geothermal Heat Pumps, Other Solar-Electric Technologies, Fuel Cells using Renewable FuelsApplicable Sectors: ResidentialAmount: 30%Maximum Incentive: Solar-electric systems placed in service after 2008: no maximum Solar water heaters placed in service after 2008: no maximum Wind turbines placed in service after 2008: no maximum Geothermal heat pumps placed in service after 2008: no maximumFuel cells: $500 per 0.5 kWEligible System Size: Fuel cells: 0.5 kW minimumEquipment Requirements: Solar water heating property must be certified by SRCC or a comparable entity endorsed by the state where the system is installed. At least half the energy used to heat the dwelling’s water must be from solar. Geothermal heat pumps must meet federal Energy Star criteria. Fuel cells must have electricity-only generation efficiency greater than 30%.Carryover Provisions: Generally excess credit may be carried forward to next tax year Start Date: 1/1/2006 Expiration Date: 12/31/2016Web Site: http://www.energystar.gov/taxcredits

Geothermal heat pumps

There is no maximum credit for systems placed in service after 2008.

Systems must be placed in service on or after January 1, 2008, and on or before December 31, 2016.